oil
- Business News
Saudi Arabia and Russia extend oil cuts, pushing Brent crude to ten-month high
The global oil market experienced a significant shift as Saudi Arabia and Russia disclosed their decision to prolong voluntary oil production cuts until the end of the year. This announcement pushed Brent crude prices to a peak unseen in the last ten months, reported Bangkok Post. The energy ministry of Saudi Arabia, the world’s leading crude oil exporter, stated that…
- Business News
PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
- Business News
UK government faces backlash over new North Sea oil and gas licenses
In a controversial move, the British government yesterday declared its intention to release “hundreds” of fresh licenses for oil and gas exploration in the North Sea, aiming to bolster national energy reserves while still vowing to achieve net-zero carbon emissions by 2050. This announcement has incited a wave of criticism from environmental groups and has fuelled an ongoing debate within…
- Crime News
Illegal oil transport scandal leads to excise director’s suspension in Thailand
A recent internal investigation revealed the involvement of the Excise Department’s Prevention and Suppression Bureau director in a case regarding illegal oil transportation, intercepted by the Highway Police on June 7. The unnamed director’s alleged involvement came to light when he reportedly contacted the Highway Police Department (HPD) in an attempt to secure the release of a detained driver and…
- Business News
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
- Thailand News
Thailand’s Excise Department probes official’s involvement in oil smuggling case
An investigation is underway by Thailand’s Excise Department into allegations that a high-level official attempted to persuade police to release a truck carrying 15,000 litres of smuggled oil. The department’s Deputy Director-General Kriangkrai Pattanaporn revealed that a probe committee was formed to look into the arrest of the 47 year old driver, identified only as Sombat, in Prachuap Khiri Khan…
- Business News
Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
- Business News
Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
- World News
BP faces shareholder revolt over its changes in strategies
BP, the energy giant, is facing a shareholder revolt today due to its decision to slow its energy transition. Activist investors have pledged to block the re-election of the company’s board of directors’ chief in response. Numerous major UK pension funds have expressed their intention to oppose the renewal of Helge Lund’s mandate during the annual general meeting in London.…
- Thailand News
Oil tanker explosion in Thailand kills 8 people, 1 dog, injures 4, impacts 128
UPDATE Officials have recovered eight bodies from the wreckage of the oil tanker which exploded and caught fire at Ruammitr Dockyard in the Laem Yai district of Samut Songkhram province in central Thailand yesterday. Divers from the Dhammarasamimaneerat Foundation are no longer searching for bodies as the total number of people missing was believed to be eight. At least five…
- Thailand News
Oil tanker explosion in Thailand kills 1, 4 missing
At 9.30am, a large oil tanker docked in Samut Songkhram province, southwest of Bangkok, exploded and caught fire. At present, one person has been confirmed dead and four people are still missing. Firefighters from Mueang Samut Songkram Fire Station have got the fire under control at the shipyard Laem Yai subdistrict on the Mae Klong River. As the tanker was…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- World News
Laos experiencing a petrol crisis due to high inflation
The Lao government denied there was a national petrol crisis despite calling an emergency meeting and hours’ long queues witnessed throughout the country’s filling stations. The government, who import the majority of its petroleum from Thailand, scheduled an emergency meeting to discuss the country’s inflation, panic buying and why a large number of petrol stations were closed last week in…
- Video
Thailand News Update | Prices for EVERYTHING set to rise in Thailand
The days of cheap diesel in Thailand are over with the government scrapping its subsidy to maintain the 30 baht cap on diesel fuel. The governments says that without the subsidy the real diesel prices in Thailand would be around 40 baht a litre. The government is appealing for understanding over the decision as they scramble for an alternative solution…
- World News
Global oil prices hit 14-year high as Western nations consider import ban on Russian oil
Global oil prices have risen more than 6%, surging to the highest prices since 2008 on Monday, as the US and European allies consider an import ban on Russian oil. Meanwhile, fears of a global oil supply shortage are being further compounded by the delay of Iranian crude’s potential return to global markets, as the Kremlin demands a guarantee that…
- Bangkok News
Thailand-based natural gas company stalls move on Myanmar following coup
Following the withdrawal of its French and US partners from a gas production project in Myanmar, Thailand’s PTT Exploration and Production Plc is stalling its next move by saying that it will make an official announcement early next month on whether to keep ties with the military in Myanmar or not. US-based Chevron Corp and France-based Total Energies both announced…
- World News
Indonesian navy seizes tanker and crew, says they stole oil
Indonesia’s navy announced today that it has seized a tanker and the tanker’s crew, the seamen were wanted on charges of stealing almost 300,00 barrels of crude oil out of Cambodia’s reserves. The ship was stopped on July 27 while it was off the coast of Sumatra, says the Indonesian navy. Days prior, Phnom Penh had issued a red notice…
- Transport News
Indonesian submarine confirmed in 3 pieces at 800m depth
In a follow-up to our previous story this morning, Indonesian authorities have now stated officially that the missing submarine has been found and it is safe to assume all 53 crew members have died. Earlier in the day, debris from the submarine such as a bottle of lubricant and a torpedo protection device, as well as an oil slick, were…
- Transport News
All hopes dashed as Indonesian submarine found, 53 people presumed dead
All hopes are being dashed as officials say they have found debris from a missing Indonesian submarine, signaling that there are no survivors. 53 people were on the German-made KRI Nanggala-402 submarine when it lost contact during a torpedo military exercise in the Bali Strait early last Wednesday morning. Yesterday, searchers announced they had found oil and some debris in an area…
- World News
Search teams zero in on suspected location of missing Indonesian submarine on last day of its oxygen supply
Search teams say they are focusing on an area where the missing Indonesian submarine could be located. The area of interest is about 40 kilometres north of Bali, where oil has been found on the surface of the water. The head of the Indonesian military’s central information unit says the oil is near a dive point and where an object…
- Thailand News
Crude oil imports to Thailand at lowest level since 2015
Crude oil imports to Thailand were down in 2020 to the lowest level since 2015, according to data from Thailand’s energy department. Total imports fell 19,000 barrels per day from 2019 figures, down to 837,000 barrels. Due to the Covid-19 pandemic, domestic production also dropped along with the reduction in oil importing. Thai refineries decreased their production to 1 million…
- Economy News
The cost of one stuck ship in the Suez Canal – rising costs of fuel, household goods, food
That container ship is still stuck in the Suez Canal. It’s created a huge traffic jam at either end – some 240 ships. Even if they clear the blockage (get the ship out of the way to let other ships pass) soon, it’s predicted to take most of April to clear the backlog. The cost to world shipping has been…
- Thailand News
Thailand News Today | Land bridge project, “Thai Bridge”, Chaing Mai black widow | October 12
Daily Thai TV News, with all the latest updates. Posted around 5pm, Monday to Friday. Protest leader says activists “in it for the long haul” Human rights lawyer and protest leader, Arnon Nampa, says political activists seeking to oust the current Thai government are “in it for the long haul”. The leader of the People’s Group (formerly the Free People…
- Things To Do
Riding and renting a motorbike in Thailand | Top 10 tips | VIDEO
Motorbikes and scooters are the most popular mode of transport in Thailand, and most of south east Asia. In many cases, they’re the ‘engine’ for the local economies. Most of them just go and go and go, they’re astonishingly reliable. Getting around on a motorbike is easy enough and will get you to your destination faster, whilst the cars and…
- Business News
Commerce Ministry announces another round of price drops on staple products
The Thai Ministry of Commerce will soon launch a fourth round of price reductions, which will take place at a district level. The ministry has already received cooperation from the business sector to help those affected Covid-19 by lowering product prices, sometimes by as much as 68%, on 3 occasions, In the fourth round, around 7,100 consumer goods are being…
- Hot News
5 charged over murder of Burmese man in Chiang Rai
After police officers from Maw Fah Luang in Chiang Rai received a tip-off from local residents to check a suspicious object floating in a swamp, a body was discovered in a 200 litre oil drum in Ban Thoet Thai. When police arrived they found a 200 litre steel drum floating around near the swamp’s shore. In the tank they found…
- Crime News
2 Chinese nabbed for peddling hemp oil, facemasks
A pair of Chinese nationals have been arrested in Bangkok for selling toys, hand gel, thermometers and hemp oil worth millions of baht. Cyberpolice yesterday said the suspects, named only as “Lee” and “Jan”, were arrested at a commercial building in Bangkok’s Bang Khunthian district. Police seized vast numbers of masks, body temperature scanners and sex toys as well as…
- Covid-19 News
Oil prices tank, as crisis fuels calls to re-open economies
And now a global oil crisis hits home as well. Oil prices have crashed into negative territory after global coronavirus-related travel restrictions impacted demand. After addressing the early crisis with ‘lockdowns’ and social distancing, now the narrative pivots to lifting stay-at-home orders and re-opening economies. Some European countries have taken tentative steps to ease restrictions as coronavirus death rates start to…
- Covid-19 News
Opportunities for 2020 export growth in Thailand
Despite the whirlwind of shutdowns, lockdowns and craziness descending on Thailand at the moment, the departments are still churning out numbers and trying to forecast the way ahead. They say that, due to the Thai baht weakening and massive government interventions around the world for both monetary and fiscal policies, there is still a chance that Thailand could reduce the…
